Retirement Systems of Alabama Cuts Stake in Phillips 66 $PSX

Retirement Systems of Alabama lowered its position in Phillips 66 (NYSE:PSX) by 1.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,425 shares of the oil and gas company’s stock after selling 1,321 shares during the quarter. Retirement Systems of Alabama’s holdings in Phillips 66 were worth $10,430,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of PSX. Elliott Investment Management L.P. lifted its position in Phillips 66 by 1,929.0% in the first quarter. Elliott Investment Management L.P. now owns 15,725,000 shares of the oil and gas company’s stock valued at $1,941,723,000 after purchasing an additional 14,950,000 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in shares of Phillips 66 by 9,530.9% during the second quarter. Valeo Financial Advisors LLC now owns 1,446,469 shares of the oil and gas company’s stock valued at $172,564,000 after acquiring an additional 1,431,450 shares in the last quarter. Nuveen LLC bought a new position in Phillips 66 in the first quarter worth $156,482,000. Price T Rowe Associates Inc. MD raised its holdings in Phillips 66 by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,709,108 shares of the oil and gas company’s stock worth $828,442,000 after purchasing an additional 682,459 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in Phillips 66 by 15.9% in the first quarter. Invesco Ltd. now owns 4,765,866 shares of the oil and gas company’s stock worth $588,489,000 after purchasing an additional 653,248 shares in the last quarter. Institutional investors own 76.93% of the company’s stock.

Phillips 66 Trading Down 0.6%

Shares of PSX opened at $136.23 on Monday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.07 and a quick ratio of 0.79. Phillips 66 has a 1 year low of $91.01 and a 1 year high of $142.35. The company has a 50 day simple moving average of $132.67 and a two-hundred day simple moving average of $123.64. The firm has a market cap of $54.89 billion, a P/E ratio of 37.22, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Wednesday, October 29th. The oil and gas company reported $2.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.38. Phillips 66 had a return on equity of 5.51% and a net margin of 1.12%.The business had revenue of $33.69 billion for the quarter, compared to the consensus estimate of $32.29 billion. During the same quarter in the previous year, the company posted $2.04 EPS. On average, equities analysts expect that Phillips 66 will post 6.8 earnings per share for the current fiscal year.

Phillips 66 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 1st. Shareholders of record on Monday, November 17th will be paid a $1.20 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $4.80 dividend on an annualized basis and a yield of 3.5%. Phillips 66’s payout ratio is presently 131.15%.

Insider Buying and Selling

In other news, Director Gregory Hayes acquired 8,350 shares of Phillips 66 stock in a transaction on Thursday, August 14th. The shares were acquired at an average price of $119.90 per share, with a total value of $1,001,165.00. Following the purchase, the director directly owned 29,423 shares in the company, valued at $3,527,817.70. The trade was a 39.62% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of Phillips 66 stock in a transaction that occurred on Friday, September 26th. The stock was sold at an average price of $140.00, for a total value of $615,020.00. Following the completion of the sale, the executive vice president directly owned 34,587 shares in the company, valued at approximately $4,842,180. The trade was a 11.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on PSX shares. Argus raised Phillips 66 to a “strong-buy” rating in a research note on Thursday, July 31st. Evercore ISI raised their target price on Phillips 66 from $130.00 to $170.00 and gave the stock an “outperform” rating in a research report on Friday, September 19th. UBS Group raised their target price on Phillips 66 from $143.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, September 22nd. Wall Street Zen raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Barclays raised their price objective on Phillips 66 from $127.00 to $132.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.94.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.